Ask the Library Foundation: Inheritances
DEAR ERIN: When should I talk to my children about inheritances and civic responsibilities? — Worrying parent
DEAR Worrying:
Sooner is better than later in most cases. An inheritance should not come as a surprise. With planning the odds improve that an inheritance will last, becoming lasting financial security for your heirs.
If your estate plan includes trusts for people or charities, or if it will not be divided equally, it is especially important they understand the reasons and benefits of your decisions. This may be done at a “family meeting” attended by the whole family and your estate planning advisors. Or it may be best done one on one; each family has different dynamics. Having a professional on hand to moderate the meeting and answer questions can be quite valuable.
If your plans include one time or perpetual charitable gifting, explaining your motivations will typically promote family harmony, reducing the chance of conflict when the plan goes into effect. Gifting to charities is a great way to teach your children about civic responsibility, even if they are already adults. You teach by example and discussion.
We’re happy to be of assistance in family meetings as are our friends at CoreFirst Bank & Trust. Please call on us to learn more. Learn how your estate plan can benefit the community through The Library Foundation.
Contact Erin at Foundation@TSCPL.org
Do you have a question concerning wealth management or trusts? Send your inquiry to RAeschliman@corefirstbank.com.
(June 2022)
© 2020 M.A. Co. All rights reserved.
Learn how your estate plan can benefit the community through The Library Foundation.
Contact Erin at Foundation@TSCPL.org
